Nanjing group eyes House of Fraser

Sanpower Group Co Ltd, a Nanjing-based conglomerate, is in talks to buy high-end British department store House of Fraser Plc for more than 450 million pounds ($749.3 million), media reports said.

Zou Yan, a spokesman for Sanpower, declined to provide details. "It is hard to reveal any information when some projects are in development," said Zou.

The approach by the Sanpower Group could derail a flotation of the department store group, which had been planned for this year, the Financial Times reported.